The Shiba Inu coin saw a surge in investor optimism recently, driven by a significant burn rate increase and rising prices. Over the past week, 140.74 million SHIB were burnt, marking a 122.54% spike in the burn rate as of July 27.
This reduction in supply, now at 589.27 trillion SHIB, aligns with the law of demand and supply, boosting market sentiment. The SHIB price rose by 2.57% in 24 hours to $0.00001719, maintaining above the critical support of $0.00001361.
Additionally, SHIB futures open interest surged by 14.36% to $40.96 million, further indicating a potential uptrend. This consistent supply reduction could pave the way for future price growth and stability.
